I DON'T want that treat mum: Financial savvy kids that want parents to cut spending on toys and days out

No more toys: 42 per cent of children said they wanted their parents to cut the amount they spent on toys

The grown-ups may have started it, but now kids are worrying about the economic crisis.

In a recent YouGov poll, nearly half of children said they believed their parents should cut back on toys and family days out because of the recession.

Of the children surveyed, 42 per cent said they wanted fewer treats whilst times were hard.

Kids may have become more financially aware because adults can't stop talking about money. 34 per
cent of the youngsters said they overheard grown-ups more than once a week saying they couldn't afford
something and 29 per cent of parents questioned
alongside their kids said they talked to them about money more
frequently because of the recession.

The survey, carried out for HSBC, showed kids were taking
matters into their own hands with more than a quarter of the nine and
10 year-olds questioned cutting back on their own spending during the
downturn.

Of the youngsters, 80 per cent said that if they were given £20 they
wouldn't spend it all, instead setting some aside to use at a later
date. 80 per cent said they would prefer to save up for a big purchase
rather than getting into debt to buy it.

The children also took on the Chancellor with their own views on public spending.

Nearly two-thirds said that the Government should cut back spending on the Olympics and one-third wanted a reduction in spending
on leisure facilities.

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The kids also wanted to see Darling scale down the defence budget, with
22 per cent saying spending on the Armed Forces should be lowered.

Peter Bull, from HSBC, which commissioned the survey alongside the
Personal Finance Education Group (pfeg), said: 'I was impressed by the
children's willingness to give up on their own luxuries and how
seriously they thought about the country's spending.

'One thing we would certainly like to see in the Budget is a
continued commitment to financial education in schools. This survey
shows that it works and that parents support it.'

Wendy van den Hende, chief executive of pfeg, agreed saying it was
essential that financial education in schools was 'kept on the agenda'
by whoever wins the general election.

'The survey clearly showed what good attitudes children have towards
money: they are prepared to cut back on their own spending, and we can
see that they are natural savers.'

'We set the children a tough challenge in asking how the country
could reduce its spending,' she added. 'We will have to see if the
Chancellor takes their advice.'